“The high year-on-year change could be partly attributable to persistent increases in the prices of some farm produce due to the farming season, for example vegetables which are typically in short supply at this time of the year,” the NBS report said.

The Central Bank of Nigeria (CBN) wants consumer inflation in single-digits but has accepted that the headline figure is likely to peak at around 14 percent later this year.

The regulator last month kept its benchmark interest rate on hold at 12 percent for the fourth meeting running, citing the need to balance inflationary concerns with slowing economic growth.

“Given the slowdown in real GDP growth, and the weakness in monetary aggregates, Nigerian interest rates are likely comfortably on hold for the rest of the year,” Razia Khan, Head of Africa Research at Standard Chartered, said in reaction to the inflation figures.